The global algae products market is projected to register a CAGR of 5.1% during the forecast period (2019-2024).
- Algae have wide applications as functional ingredients in various food products since they are rich in essential oils such as Omega-3 Fatty Acids and Poly-Unsaturated Fatty Acids (PUFA). The widest application of Omega-3 Fatty Acids and PUFA is in health food products and pharmaceuticals.
- North America holds the largest share of the Global algae products market on account of a high level of consumer awareness about the nutritional benefits of the ingredient.
- By source, Brown Algae accounts for the largest share of the market.
Scope of the Report
The Global Algae Products Market is segmented by Source into Brown Algae, Red Algae, Green Algae, and Blue-green Algae, by Product Type into Algal Protein, Alginate, Carrageenan, Carotenoids, Lipids, and Other Products, by Application into Personal Care, Food & Beverage, Dietary Supplements, Pharmaceuticals, Animal Feed, and Others. The market is also segmented by Geography to include the trends of the top markets across the world.
Key Market Trends
By Application Pharmaceuticals Occupied the Largest Market Share
As a novel extrusion aid, algae-products such as carrageenan is used for the production of pellets polymer, as a matrix in oral extended-release tablets and as a stabilizer in micro or nanoparticle systems. It is used as a gelling agent and viscosity improving agent, for the controlled drug release and prolonged retention, which is based on the special features of carrageenan, such as gelling and strong negative charge. Moreover, sodium alginate, extracted from brown seaweed is used as a gel in pharmaceutical preparations. Key players including DSM are extensively catering to the rising demand for algae products with their wide range of product offerings.
Asia-Pacific is the Fastest Growing Region of the Market Studied
The Asia-Pacific is anticipated to record the fastest growth in the market studied, during the forecast period. Algae products, that are used in food processing, is mostly grown in the Philippines, Vietnam, and Indonesia, among other Asian countries. The region is anticipated to account for a large share in the carrageenan production industry, owing to the possibility of the cultivation of high-quality carrageenan. The algae-based superfoods like Spirulina and Chlorella provide nutritious, vegan supplements for human consumption. In the Asia-Pacific region, the rising consumption nutraceuticals majorly in China and Japan is further assisting the market growth in the region.
The market studied is held by major global players account for the significant share of the market. Kerry, Cargill, and FMC Corporation are among the major players in the market. Most manufacturers are focusing on the expansion of their current production levels, by increasing sales in various developing regions, as the market in these regions is not consolidated by major players.
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